Have you ever asked yourself, why the US is in debt? How far is the US in debt? OR What kinds of debts are there? Well I have, and personally I think we have a big problem with the national debt. So I am going to tell you a little about the kinds of debts, how far the US is in debt, how to prevent debt, and much more.
There are many different kinds of debt in the US. Such as mortgage debt; this is the payment debt of homes, businesses, land, ECT. There is also credit card debt; this is the debt of buying to many things with a credit card, and not being able to pay it off. There is foreign oil import debt; this is the debt of buying oil from different countries and not paying for it. There is trade debt; this is when we trade with other countries, we don’t give them what we owe. There is also consumer debt; this is the debt of car loans, credit cards, ECT. There are many more debts in the US that I haven’t told you about. Such as, personal debt, local debt, debt per family, ECT. So I think we need to work on minimizing all the debts of the US, and work on staying out of debt.
Now we get to how far the US is in debt, and the debt of each kind of debt. So the US has a taxpayer debt of one hundred fourteen thousand, a mortgage debt of fourteen trillion, a consumer debt of two trillion, a total personal debt of sixteen and a half trillion, a credit card debt of nine hundred thousand, and each state has an average debt of on trillion. The national debt of the US is twelve and a half trillion, and the total US debt is fifty-six trillion. So from all of this I even think that we need to work on minimizing the US debts, and work on staying out of debt a whole lot more.
The US is in debt for many reasons. Such as, the president makes stimulus packages that we cannot afford, the US doesn’t pay foreign countries what they owe, and the US keeps buying products from foreign countries, such as oil. So from this I think the US should watch their spending, and spend more wisely.
Now I am going to tell you all how to prevent debt. First you can take care of your own debt by, making house or car payments on time, paying off your credit card bills, or don’t even have a credit card, and pay your taxes. Then you can help prevent national debt by, helping the community stay out of debt, and by taking care of your debt. This helps because part of the US debt is personal debt, taxpayer debt, family debt, ECT. So I think you should help prevent debt, because it will help you and the US.
Now I challenge you to help prevent national and personal debt. So from all of this I hope I have answered any questions you had about why the US is in debt, how far the US is in debt, how to prevent debt, and any other questions you had